Author 



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Book 




Title 



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reated by Statute, April M, I860 



COMMONLY CALLED 



"THE HUNTERS POINT TRUST,' 



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AND OF ITS INCIDENT 



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THE NOTT TRUST :" 



AND, ALSO, 



OF THE ACTS OF ADMINISTRATION 



BY THE 



TRUSTEES OF UNION CO 






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Introduction. 



The importance of this history is obvious. Four- 
teen of the number of those called permanent mem- 
bers of the Board of Trustees then living, and who 
entered upon the execution of this trust, are dead. 
But one, is still alive. Five members of the perma- 
nent board have been elected thereto within the last 
year, and can only have traditional knowledge of the 
trust, or of its administration. Four new members 
of the present board belong to the class called 
' ''Alumni Members, " who hold their offices in terms, 
from one to four years ; and though found to be 
most efficient members, have not yet been plac- 
ed upon the Finance Committee, so as to enable 
them to become fully familiar with this branch of 
duty. 

Though this was intended to be but a history of 
the origin, and management of the Hunter's Point, 
ani Nott Trust funds, it is quite important that those 



members of the Board of Trustees who have been 
elected since I860, should have also, a full and 
fair statement of the changes that have been wrought 
in the methods and manner of administration of the 
duties, of trustees of the College. 

Prior to 1860 it is still remembered, and the min- 
utes of the board show, that the permanent mem- 
bers of the board, among whom is found Chancellor 
Walworth, Edward C. Delavan, James Brown, 
William W. Campbell and R. M. Blatchford, who re- 
sided at distances from the College, gave their time 
not only, but as well, their special attention at the An- 
nual and other meetings, spending whole days, and 
many days, in giving to their duties as trustees, the 
most searching and thorough examination of the con- 
dition of the institution, its means, its policy, and 
its methods of instruction, thus essentially aiding it, 
by their counsel and advice. In those days also, no 
more efficient and faithful counsellors were found in 
the board, than the ' 'Ex-officio" members thereof, who 
also rendered counsel, as well gave their time in that 
regard. The minutes of the board as well as the mem- 
ory of living members, still bear testimony to the fidel- 
ity to duty, of Silas Wright, Azariah C. Flagg, William 
L. Marcy, John A. Dix, William H. Seward, Brad- 
ford R. Wood and Lucius Robinson. 

Among those trustees above named, as well the 
permanent, as the Ex Officio, there is left the ev- 
idence, that in the execution of their duties, there 
was, in their action, but the plain single objects, 
viz : the prosperity and success of the institution. 
They seemed not to regard their duties as fully dis- 
charged, by a mere nominal attendance at the an- 
nual commencement, nor to meeting for a few hours, 
listening to the reading (to them) the dry and unin- 
teresting detail of items of the Treasurers annual re- 



LL 
-tret 



port of which they had no other knowledge ; and, 
perhaps that of voting at the session, in the board, upon 
questions of College policy, or of the administration 
of its educational methods, of which they know as 
little. In the past periods to which I refer, there 
was harmony in the board ; harmony between the 
board and the Executive head ; and harmony be- 
tween its educational head and his subordinate fac- 
ulty of teachers. The subordinates possessed a rev- 
erence for the wisdom of the executive, whose coun- 
sils they willingly adopted and followed, and whose 
courtesey and dignity of manners, so free from ar- 
rogance, they were proud to imitate. 

It was to such a board, so controlling such an edu- 
cational administration, so well established in public 
confidence, that these great trusts where committed 
with the history of which I shall proceed to give. 



HISTOET OF THE 



mw s m; in in ira" ram 



On the 28th of December, 1852, Dr. Eliphalet 
Nott, was the owner of certain portions of lands on 
Long Island, in this state, which subsequently be- 
came the subject of these trusts. These lands where 
situated upon the East River and Newtown Creek, 
at places known as Hunters Point, Queens County, 
and at Green Point, Kings County. On the day 
above named, Dr. Nott conveyed these lands to 
Jonathan Crane and Charles Ely (who where the 
owners of contiguous lands) by an agreement which 
acknowledged, that each party was entitled to one 
undivided third part thereof, and by the same 
agreement, the said Crane and Ely, agreed and 



8 



covenanted to and with the said Nott, that they 
would use their best skill and labor in the manage- 
ment of such real estate, and, in preparing the same 
for sale, by disposing of the same for the com- 
mon benefit of said parties ; and, that after deducting 
from the moneys received by them, from the sale of 
said premises, or, of any part thereof, and, for all 
moneys expended by them for or on account of the 
said property ; and, for the payment of the sum of 
$1,500 per year, which should be a full compensation 
for the services of the said Crane and Ely, in the 
superintendance and management of the said prop- 
erty, they were to pay to the said Eliphalet Nott, 
or at his election, he should also, be interested with 
them to the extent of one-third, in any purchase of real 
estate in the neighborhood which should be made by 
them ; and, that they would, whenever required by 
him, or his legal representatives, convey to him, or 
them, by good title, and full covenant deed, the one 
undivided third part of so much of the premises 
therein referred to, as should not, before such de- 
mand, have been sold. 

On the 28th day of December, 1853, the said 
Eliphalet Nott, duly sold, assigned and transferred 
to "the Trustees of Union College" all of the right, 
title and interest of him the said Eliphalet Nott, in 
the said agreement so made on the said 28th day of 
December, 1852, between him and the said Crane 
and Ely, and, in the premises, property and rights 
therein mentioned and described, subject to the stip- 
ulations therein contained, "In Trust," for the uses 
and purposes therein expressed, and to the powers 
therein reserved. Which terms, where recognized 
and accepted by the Trustees of Union College on the 
same day. This conveyance by Dr. Nott, to the 
College is known as "The Trust Deed" from Elipha- 



9 



let Nott and Wife, to "The Trustees of Union 
College." 

From the time of the said conveyance to Crane 
and Ely, they, the said Crane and Ely, had the 
charge and management of the said lands, large por- 
tions of which, they laid out into City lots ; filled up 
and graded the same, laid out streets, and carried out 
other improvements, negotiated sales, executed con- 
veyances and became subject to liabilities therefor, 
until the day of the creation of the trust, under the 
act of the legislature in the year 1860. 

This trust was created by an act of the legislature, 
passed April 14, 1860. It was applied for by the 
parties in interest, and which, with its preamble, is 
as follows : 

CHAPTER 385. 

TO AUTHORIZE THE CONVEYANCE IN TRUST OF 
CERTAIN LANDS AT HUNTER'S AND GREEN POINT, 
LONG ISLAND, OWNED BY LEICESTER K. ELY AND 
OTHERS. PASSED APRIL i 4 th, i860 ; THREE-FIFTHS 
BEING PRESENT. 

Whereas, Leicester K. Ely, William Judson, and the trustees 
of Union College, in the town of Schenectady, in the State of New 
York, own in fee as tenants in common, certain land and premises 
in the town of Newton, Queens County, and lying at Hunter's 
Point and its neighborhood, being lands or parts of the lands known 
as the Hunter and VanAlst farms, and also, certain lands and prem- 
ises situated at Green Point, in the County of Kings, being lands or 
part of the land.s known as the Griffin and Provost farms ; and 

Whereas, Charles Ely and Jonathan Crane have, or are sup- 
posed to have, certain equitable interests in said lands and prem- 
ises ; and 

Whereas, it has been found difficult, from the present condition 
of the said property and the several interests of the owners thereof, 
to manage and dispose of the snid property to the best advantage for 
all persons interested therein ; and 

Whertas, it is deemed by said owners that a partition cf said 
property would be prejudicial to them, 



10 



The people of the State of New York, represented in Senate and 
Assembly, do enact as follows : 

Section i. That all the parties interested in said lands and prem- 
ises, except the said trustees of Union College, may convey their 
legal and equitable estates, title and interests therein, to the said 
trustees of Union College, in the town of Schenectady, in the 
State of New York, to be held by the said trustees of Union College 
in trust, to manage and dispose of the same for the benefit of the 
parties interested therein, Viz : 

i. To sell, mortgage and lease the same. 

2. To receive the rents and profits of the said lands and premises. 

3. To improve and grade the same, as preparatory to the sale of 
such lands and premises, by lots or otherwise. 

4. To issue to each party in interest a certificate of the extent of 
his interest in such lands and premises, or a declaration of trust, 
setting forth the quantity and nature of such interest. 

5. To apply the proceeds of the sales, and the rents and profits, 
in payment of the expenses of grading, improvement and manage- 
ment and of all charges on said lands and premises, and of all debts 
incurred on account of such management. 

6. To distribute the surplus of such proceeds of sales, and of the 
rents and profits, among the different owners of said lands and 
premises, in proportion to their respective interests therein. 

7. To re-convey, from time to time, to such owners respectively, 
their respective shares of such portions of the said lands as shall 
remain unsold, when, in the opinion of the trustees of said College, 
such re-conveyance will promote the interest of the proprietors. 

8. To re-convey to such owners respectively their respective 
shares of all the unsold portions of the said lands and premises, sub- 
ject to the charges thereon, and the expenses of improvements and 
management theretofore created and incurred ; and to assign and 
pay to them respectively their respective shares of all of any of the 
said proceeds of sales and rents and profits aforesaid remaining after 
paying thereout all expenses of grading, improvement and manag- 
ement, and all debts incurred on account thereof, and all charges 
thereon or on said lands find premises when thereunto requested in 
writing by such of said owners as shall at that time own at least 
two-thirds of the lands and premises so conveyed in trust, under 
their hands and seal, or, whenever the said trustees of Union 
College shall elect to surrender or put an end to such trust. 

§ 2. The said trust may be created subject to such conditions and 
upon such terms as may be agreed upon by and between the said 
owners and parties interested in the said lands and premises and the 
said trustees of Union College ; and expressed in the deed or con- 



11 



veyance of said lands and premises to the said trustees of Union 
College. 

"State of New York, in Senate, March 20, i860. 
This bill was read the third time, and passed, a majorit y of all 
the Senators elected voting in favor thereof, three-fifths being 
present. 

R. CAMPBELL, President. 
"By order of the Senate. 

Approved April 14th, i860. 

E. D. MORGAN." 

Under the provisions of this statue, all the several 
parties claiming an interest in the lands in question, 
made conveyances of such interest to the trustees of 
the College, in order to carry out the object intended. 
A full deduction of title to all such lands, and full 
and thorough certifications of freedom from incum- 
brances, was secured through the agency of the 
Hon. A. C. Paige, a trustee, and the counsel of the 
College, employed for that purpose. During the ex- 
istance of the trust, some additional lands adjoining 
this trust estate, became needful for the interest and 
accommodation of the tiust, and were purchased, 
and declared to be held for the same object. As all 
these titles have been bought in, in the action to 
close the trust ; have been examined and adjudicated 
upon, with full notice to all parties concerned ; no 
further detail as to title, is needful. 

It will suffice to say, that under this statue, and 
by these conveyances made by all the parties in in- 
terest, Union College acquired absolute title to six- 
ninths of this estate, to manage and dispose of, for 
the benefit of the owners of the equitable estates 
therein. This six-ninths of the estates so held, is 
what is known and distinguished as "The Hunter's 
Poini^Trust " Three-ninths of the same estate, sub- 
ject to the power of alienation by the. Hunter's Point 



V2 



trust, is, by virtue of the same authority, and under 
the provisions of the trust deed of Dr. Nott, held by 
Union College ; the income and proceeds of which, 
is what is known as "The Nott Trust." 

Thus it will be seen that the duties and responsi- 
bilities cast upon Union College, were complex. The 
rendering of the accounts of their trust, required, 
that three separate accounts should be kept. 

First, one, to the corporation proper, as to its in- 
vested endowment funds, and for the incoming re- 
ceipts, for the legitimate support of the educational 
demands of the institution. Every trustee of course, 
was bound to know, in law and in conscience, his 
duty, in regard to this fund ; to see to its proper ap- 
propriation ; and, to prevent its diversion to im- 
proper objects. 

Second, one account for the receipts and disburse- 
ments in the management of the "Hunter's Point" 
trust estate. This account was of course intended 
for the beneficiaries under that trust, ^nd^theEThird, 
was to enable them to account for receipts and dis- 
bursements in like manner, to those who are the 
special beneficiaries entitled thereto, under the pro- 
sions as to the "Nott Trust" From the first named 
trust, the whole income of course was to go directly 
for the benefit of the College proper. From the 
second named trust, none of the nett income was to 
go to the College proper directly ; except, from a few 
residue certificates of interest therein, owned by the 
College, but all the net income thereof was to be 
distributed to the beneficiaries who held such cer- 
tificates. From the third named trust, whatever of 
income would be received was, under the provisions 
of the Trust Deed, to be disposed of as was in said 
deed specially directed ; not generally ; as endow- 
ment funds to the College proper. 



13 



Eemarks. — If such a history is of any value and 
worth preserving, the present is the appropriate 
time to perform the task of writing it, inasmuch 
as not more than three or four members of the pres- 
ent board are living, who from personal knowledge 
and experience, from the minutes of the board, and 
from memory, could give the details necessary to 
that end. One of these is the Eev. Dr. Backus, who 
was a trustee before the creation of these trusts, and 
nearly ever since has been, an active member of the 
finance committee. One other of these trustees, is 
S. B. Brownell, Esq., who since the year 1873, has 
been a member of the finance committee, and has 
thus become possessed of knowledge of past transac- 
tions to some extent. The other, is the writer of 
this history, who, from about the year 1868 has 
been a member of the finance committee, and has 
attended its meetings with rarely an exception, and, 
was the chairman of the special committee, to 
whom was referred the whole charge of the Hunter's 
Point estates. 

This is all that need be said in this history of the 
body of persons, to whom these trusts were commit- 
ted. This want of knowledge of the transactions 
of the board in the past, and the absence of knowledge 
of the trusts to be executed, amounted not only to a 
disqualification of a trustee intelligently to perform 
his duty in that regard, but was also a misfortune to 
the institution itself. Such a condition, exposed tho 
trustee to a humiliating reliance upon the opinions 
of those, who professed to know, but really were zs 
ignorant as themselves ; and, as it happened, their no- 
tions of the right to exercise powers not conferred by 
the trusts, created a loss of confidence ; and was the 
great cause of recent disturbance, and want of har- 
mony in the hoard. 



14- 



Coming back then, to the history of these trust 
funds, beginning at the commencement under the 
statute of 1860, it is but just to remark, that its pro- 
visions were prepared by the ablest of counsel, selec- 
ted by the board whose permanant members were 
Eliphalet Nott, Jacob YanVechten, Edward C. De- 
lavan, Alonzo C Paige, Eeuben H. Walworth, 
Alonzo Potter,- James Brown, Ira Harris, Bradford 
R. Wood, William W. Campbell, Richard M. Blatch- 
ford, Ebenezar Halley, David H. Little, J. Trumbull 
Backus and Clark B. Cochrane. It need only to be 
said, a body of men, of more distinguished abiliy, 
of practical wisdom,, and of loyalty to the college, 
was never exceeded. 

After the passage of the act of legislature, creating 
the trust, and before its acceptance by the board, and 
its provisions adopted by them, their finance com- 
mittee, under the advice of Judge Paige their coun- 
sel, required as conditions to be observed by each 
grantor of real estate so to become part of the trust 
estate, expressly to insert in the deed of conveyance 
to the College, that it was made, under the provi- 
sions of this statute of April 14, 1860 ; and, to insert 
therein, all the trusts as specified in that statute, and, 

Second, as a further protection to the College for 
assuming the trust, the grantors in each case, were 
required, also, to insert in their deeds of conveyance, 
the following special covenants, to wit : 

' 'The parties of the first part, for themselves and 
their respective heirs, executors and administrators, 
do jointly and severally covenant, promise and agree 
to and with the party of the second part, its succes- 
sors and assigns, that the party of the second part 
and its successors shah not, in the management and 
disposition of the said lands and premises, or in the 
management, care and superintendance of any part 



15 



of the said trust property ; or, of the proceeds of the 
sales of the said lands and premises, or, of the rents 
and profits of the same, or of any of the revenues 
arising from the said property, or, of the funds 
raised for the payment of the expenses of the grad- 
ing, improvement and management of the said 
granted lands and premises, or trust property, or, 
of the charges on said granted lands and premises, 
or, of the debts incurred on account of said manag- 
ement, or in the discharge of any of the trusts cre- 
ated by this conveyance, be, or be made liable, for 
the default, omission, negligence, fraud or miscon- 
duct of any person or persons who shall be in good 
faith appointed or employed by the said party of the 
second part, or its successors, as agents, clerks, ser- 
vants or otherwise, in the management and dispo- 
sition of the said granted lands and premises, or in 
the management, care and superintendencies of any 
part of the said trust property, or of any moneys be- 
longing to the said trust fund, or, for any losses 
which the said trust fund or trust property may sus- 
tain in consequence of such default, omission, neg- 
ligence, fraud, or misconduct ; and that the said 
party of the second part, its successors shall only be 
responsible for its own ivant of good faith in its man- 
agement of the said trust." 

"And the parties of the first part, do further 
jointly and severally covenant and agree to and with 
the party of the second part, that they and each of 
them will indemnify the said party of the second 
part, and save it harmless as against all damages, 
losses and expences which the party of the second 
part, or its successors, may sustain or incur in the 
management of the said trust, especially against all 
damages, losses and expenses it may sustain or incur 
in consequence of the failure of the title of the shares 



16 



of any parcel or parcels of the said granted and de- 
scribed premises, now belonging to the said party of 
the first part, and conveyed by this deed to the party 
of the second part, or of any portion of such shares, 
or, of any interests therein, which the party of the 
second part, or its successors, may have in the dis- 
charge of said trust, sold and conveyed ; the said 
parties of the first part to be respectivily liable for 
damages, losses and expenses, in proportion to their 
respective interests in such parcel or parcels of land 
so sold and conveyed by the party of the second 
part ; and the said parties of the first part further 
severally covenant and agree, to and with the said 
party of the second part, that each of them will from 
time to time, whenever required so to do by the 
party of the second part, execute a conveyance in 
fee, with covenants of warranty, of such share now 
belonging to said parties of the first part, and which 
is conveyed by this indenture, of any parcel or par- 
cels of said lands and premises, to such person or 
persons as the party of the second part may in its 
discharge of the said trust, sell and convey the 
same. 

And the said party of the first part further sever- 
ally covenant and agree to and with the party of the 
second part, that the measure of damages which the 
party of the second part shall be entitled to claim 
against the said parties of the first part, for a breach 
or breaches of the covenants of seisin and warranty, 
herein before made and assumed on their part re- 
spectively, shall not be limited by the consideration 
expressed in this indenture, but shall in all cases be 
the amount of the actual loss and injury sustained 
by the party of the second part in consequence of 
the breach or breaches of such covenants of seisin 
and warrant y." 



17 



Eemarks. — In the history of trust estates, no case 
can be found, where the estate itself has been more 
thoroughly examined ; and more entirely guarded 
from all doubt and hazard as to title ; and no case, 
where the trustees to whom it was committed, so 
fully released in advance from all liability by reason 
of mishap, accident, or neglect of the trustees or 
their agents ; and, from every contingency but that 
of gross neglect. 

The final consummation of the proceedings be- 
tween the parties to complete the trust created by 
this statute, was on the 24th day of November, 
1860. On that day, a written declaration of trust 
was duly made and executed by and between the 
trustees of Union College of the one part, and the 
said William Judson, Leicester K, Ely, Charles 
Ely and Jonathan Crane, of the other part, where- 
by, after reciting the said Act of the Legislature, 
and the said conveyances, and the acceptance of the 
said trust by the College, it was agreed to and with 
the said trustees and Leicester K. Ely, William 
Judson, Charles Ely and Jonathan Crane, to is- 
sue to the latter, six hundred certificates of trust, 
to represent their respective interests in the said 
lands and premises ; in the form. and manner here- 
after stated, and the said trustees in and by the 
said declaration of trust, acknowledged and declared, 
that the said six equal undivided ninth part of the 
whole of the said lands and premises had been con- 
veyed to it, upon all and every of the trusts autho- 
rized by, and specially set forth in the said Act of 
the Legislature ; and, a] so, upon the further trust 
of executing deeds of such portions of said lands and 
premises as had theretofore been by the owners of 
the same, contracted to be sold and conveyed ; and 
also, on the further trust, to apply the proceeds of 



18 



the sales of the said six-ninths of that portion of the 
said lands and premises as are situated at Green 
Point, aforesaid, and the rents and profits thereof, 
iii payment of such portion of the expenses of grad- 
ing, improving and management of the said lands 
and premises theretofore incurred, as should remain 
unpaid, and all debts contracted on account thereof, 
at or after such declaration of trust, and as should 
be chargable on the said six-ninth of the said lands 
and premises, or, on the owners of the same ; such 
application to be made before the distribution of the 
net proceeds of the said portion of the said six-ninths 
of the said lands and premises. 

It was further mutually agreed in and by the said 
declaration of trust by and between the parties to 
the same, that the liabilities of the said trustees 
growing out of the execution of the aaid certificates, 
should, in all cases, be limited by the provisions of 
the aforesaid deeds, of the said Act of the Legisla- 
ture ; of said declaration of trust ; and, by the 
terms and provisions of such certificates. 

The first meeting of the Finance Committee of the 
trustees of the College thereafter, was about the 1st 
of December, I860, at which meeting was present 
as members thereof, Eliphalet Nott, Alonzo C. 
Paige, Clark B. Cochrane and Edward C. Dela- 
van. This committee then, in form, and by reso- 
lution, accepted of the trust created by the statute, 
and of the proceedings had under the act. They then 
appointed the Treasurer of the College, to be the 
Secretary of the Committee, and to provide a sepa- 
rate book in which to keep an account of this Trust 
fund, and of its management. They directed the 
Treasurer to prepare forms of certificates of trust, 
to be issued to the parties owning equitable interests 
in the said six-ninths of such trust estates. Six- 



19 



hundred certificates were directed to be issued, ac- 
cording to the provisions of the said declaration of 
trust, which certificates were to be the evidence of 
the claims of the holders thereof, in such trust 
estate. One hundred and fifty of the certificates so 
to be issued, were each of them upon their face, de- 
clared to be for the payment of one thousand dollars, 
to be paid out of the first net proceeds of the said 
six-ninths of the said trust estate. These, were de- 
nominated "Preferred Certificates." And also, Four 
hundred and fifty certificates to be called "Residue 
Certificates, " to represent each an equal share of the 
proceeds of the remainder of the said six-ninths of 
said trust estate. 

The distribution of the said certificates to the be- 
neficiaries, according to their respective interests, 
was as follows : Of the "preferred certificated," to 
Charles Ely, 25 ; to William Judson, 25 ; to Jo- 
nathan Crane, 50 ; and to Leicester K. Ely, 50. 
Of the "residue certificates/' to Charles Ely, 75 ; 
to William Judson, 75 ; to Jonathan Crane, 150 ; 
and to Leicester K. Ely, 150. No certificates were 
issued to Union College to represent three-ninths of 
this trust estate so held under the "Trust Deed," for 
the "Nott Trust." This latter trust, received under 
this arrangement an equivalent in other property, 
equal in value, to 75 preferred certificates ; leaving 
their ''Residue" to future partitions, to be made. 
The form of these two classes of certificates, were 
presented to the committee, and adopted by them ; 
and at the same meeting, the treasurer was directed 
to execute these certificates by his signature ; and 
to add, the Corporate seal of the College. At the 
sani3 meeting, the treasurer was authorized by res- 
olution, to invest the moneys of the "Nott Trust," 
and as well of Union College, upon these preferred 



2d 



certificates, to be secured by the personal bond of 
the borrower. By another resolution, the treasurer 
was also to take hypothecation of such preferred 
certificates, upon the loan of money ; and to use 
such moneys to take up and cancel preferred certifi- 
cates. The assent of Dr. Nott, to all the above 
matter and to the actions taken thereon, was writ- 
ten by himself in the minutes of that meeting. 

The next meeting of this committee was on the 
27th of the same month, at which, a resolution was 
passed preceeded by a preamble, as to the valuable 
services rendered by Judge Paige, and directing the 
treasurer to pay him therefore, the sum of $1,500. 
This was in consideration of extraordinary services 
as counsel in prepairing the titles to create the trust, 
and the methods and forms of executing it. 

Following this distribution of the Trust estate by 
way of trust certificates to the beneficiaries, and of 
assets to the "Nott Trust," the whole Trust estate 
continued to be managed by the agents ; by making 
improvements, by grading, levelling, filling in of 
low lands, making contracts, selling and conveying 
lots, receiving bonds, mortgages and other securi- 
ties upon such sales, &c. To regulate and control 
such action of the agents, the Finance Committee, 
required of them, that an annual appraisement of 
lots for sale, be made, that a report be made to 
this committee, of every contract for alienation 
made, or proposed to be made by their agents, for 
their ratification, or adoption ; and that no deed of 
conveyance was allowed to be executed, without the 
written consent of two members of the finance com- 
mittee. Under this system and practice, accumula- 
tion of assets and income increased to that extent ; 
that on the 6th of November, 1868, the finance 
committee, by resolution, then authorized and di- 



21 



rected their treasurer, with the concurrence of the 
"Kesident members of the board, to pay off and 
cancel all the "Pref erred Certificates, " from such as- 
sets, with power, to sell bonds and mortgages to 
meet that object ; and, with authority to guarantee 
any bond so received, in payment or of the bonds so 
sold. By virtue of this power and authority, all the 
"Pref erred Certificates" were paid off, and can- 
celled. 

Two hundred and twenty-five of such certificates 
denominated "Preferred Certificates,' 1 to represent 
the sum of $1,000, each, were to be applied to the 
existing liabilities for past management and expen- 
ses. Six-hundred and seventy-five of said certifi- 
cates or declarations of trust, were denominated 
"Residue Certificates," and made to represent the 
whole remainder of said property or estate in equal 
shares after the payment of the said 225 preferred 
certificates. These latter certificates like the former, 
were also distributed among the proprietors of the 
estate in proportion to their respective interests. 
All said certificates, were made negociable. On or 
before January 1st, 1869, the 225 "Preferred Certifi- 
cates, were paid off and cancelled, from the pro- 
ceeds of sales of the said estate under the said trust, 
leaving the whole of the remainder of the estate, re- 
presented by (>75 shares represented by said residue 
certificate. 

The interest of Union College in this trust prop- 
erty is now, equal to 25-t of these residue shares ; that 
of Mr. Csaeles Ely to 230, and the remaining 191 
shares are distributed in numbers from one, to thirty - 
one, among 2S persons, who have acquired them by 
purchase. 

After the payment of the preferred certificates, it 
was deemed wise by the board, to make partitions 



22 



of the trust estate, consisting of bonds, mortgage 3 
and unsold lots, among the proprietors and benefi- 
ciaries thereof. At a meeting of the board in No- 
vember 1868, it was resolved that the treasurer with 
the consent of at least three members of the finance 
committee make a dividend in lots, or in bonds and 
mortgages, among the owners of "Eesidue Certifi- 
cates," to the amount of 500 dollars upon each cer- 
tificate, and that they be authorized to allow to the 
owners of such certificates, who shall accept of the 
payment of such dividend in lots, an abatement of 
20 per cent, from the last appraised value thereof 
made by the appraisers of the said Trustees. 

To carry into effect this resolution, the treasurer 
of the College and Judge Potter, of the finance 
committee, were the committee appointed to that 
end, who proceeded on the 24th of March, 1869, to 
perform that duty, and make report thereof to the 
board, of the manner of its execution, as also of 
three like partitions, subsequently made by the 
same committee. The report of this committee was 
unanimously adopted by the board, and was placed 
on file in the office of the treasurer. The acceptance 
of the action of the committee had also the unanni- 
mous approbation of all the beneficiaries interested 
in said estate. 

This report of the committee, every trustee is now 
bound in duty to read and understand. He fails in 
duty if he noes not, and is guilty of perversion if he 
misrepresents the action of the committee, the 
board, or the beneficiaries. The method of action by 
the committee was as follows : The treasurer sent 
a written notice by mail to each proprietor, that 
upon a certain day and hour named, there would be 
a partition or division of the net proceeds of sales, 
and of lots, to a certain amount, on each certificate 



of residue. On the day fixed, to wit, the 2Uh day 
of March, 1869, the proprietors in person or by their 
attorneys, appeared, and each at his discretion, made 
choice of Bonds and Mortgages, or of lots, at the ap- 
praised prices. 

From the Report of the Committee : 

"In this, as in subsequent partitions, there was a cordial agree- 
ment between all parties in interest as to their selections of lots 
and of bonds and mortgages. The College was permitted its choice 
of Lots. The first division made, was of the estimated value of 
500 dollars on each certificate. On the second partition made by 
the same committee, 20% discount being allowed upon the lots se- 
lected upon their last appraised value. The second partition of the 
estimated value of 250 dollars, on each certificate was made Au- 
gust 7th, 1870 ; 20% discount being again allowed, upon the last 
appraised value of lots selected ; this, like the former tvas made tvith 
perfect accord between the parties. 

A third partition to the estimate amount of 250 dollars, on each 
certificate was made April 14th, 1871 ; on this partition 25% discount 
was allowed from the appraised value of the lots selected. A fourth 
partition, of the estimated value of 250 dollars, on each certificate 
of residue, was made April 16th, 1873, a discount of 30% being al- 
lowed on the appraised value of all lots taken. 

The parties who selected mortgages, took them at par. with ac- 
crued interest. 

The total value of dividends made in these four partitions was of 
the estimated value of 1,250 dollars on each certificate. 

Whatever lots Union College or any other proprietor has ever 
held in his own name, have been acquired, either by one of the 
before mentioned partitions, by virtue of his proprietorship in Ihe 
whole estate, or have been purchased from outside parties. 

No trustee, officer or agent of the College, has to cur knowledge, 
purchased a lot from the Hunter's Point Trust, since said trust was 
created. No knowledge of any agent or officers of the College as 
to value of particular lots has ever been used for his advantage, or 
to the detriment of the College, or other proprietors." 

By the partition made in 1869, there was set of! to 
Union College and to Mr. Charles Ely in common, 
a parcel of land under water at the month of New- 
town Creek. Inasmuch as that plat of ground had 



24 



a valuable water front on East River and Newtoun 
Creek, it was thought best by the board, that it 
should be improved , and accordingly, on July 1st, 
1870, a contract was entered into with Mr. Francis 
Pidgeon, to dock and fill the same, [see Min. B 
trustees, June 28, 1870. p. 474.] 

The contract price for this work was $265,000, to 
be paid, one-half in cash, and half in land, at an 
appraised value. To enable the Nott Trust to pay 
its share of this sum, the board obtained a loan of 
$100,000 ; secured by a mortgage upon the whole 
property. [see Min. Fin. Comm., Sept. 2d, 1870, 
approved by the board June 27th, 1871. p. 490.] 

The money was borrowed of the Mutual Life In- 
surance Company of New York, October 15th, 1870, 
and was paid to the contractor from time time, as 
the work progressed. 

In October 1874, Mr. Charles Ely and Mr. Fran- 
cis Pidgeon, also obtained a loan of $100,000, upon 
their interest therein, to be paid out of their undi_ 
vided half of the same property, also secured by a 
pledge of 138 "Residue Certificates,' 7 collataral to 
their mortgage, unpon their undivided interest 
therein, [see Min. Fin. Comm., Sept. 15, 1874.] 

The property being undivided between Union Col- 
lege (meaning Nott Trust) and Messrs. Ely Pidgeon, 
each party to pay the interest on their respective 
loans, half the taxes and expenses ; and to receive 
half the receipts for wharfage, &c. * 



* While in form, the obligation given for these loans seemed on 
their face to create a liability against the College, because the 
estate, then being in its name, the obligations of necessity, must 
be. Yet the arrangement in no wise reduced the income of the 
College for the time being. The estate before it was so improved by 
loan, was valueless for use or income, and entirely unsalable. Its 
value afterwards both for income, and sale, more then justified the 
policy, and wisdom of the board in the advance value of its con- 



25 



REMARKS. — During the continuance of the Hunter's Point 
Trust, — 1860 to 1876, there have been two periods of general stag- 
nation in business, to wit, i860, to 1865, and 1873 to 1 ^7^ > - 

During these years, sales of lots were almost nothing ; but it has 
not been thought proper to sacrifice the interests of the proprietors, 
by forcing sales at greatly reduced prices, especially as Hunter's 
Point lots have always been low ; compared with those of New 
York, Brooklyn, and contigious localities. Nevertheless it has 
never been the policy as it seems, of the Trustees of the College, to 
hold this property back for a rise or for speculative purposes. Prices 
have never been inflated, but from the first, there has been a slow 
and moderate appreciation of values. It has been constantly ad- 
vertised, and all proper means taken to draw the attention of buy- 
ers to it. 



On the 16th day of June, 1874, the Finance Com- 
mittee passed a resolution "that the sum of $250,000 
of the Nott Trust fund property be, and the same is 
hereby transferred and set over to Union College, 
for the benefit of its General Fund." [see Min. Fin. 
Com., p. 174.] And for the purpose of carrying out 
the above resolution the same committee on the 11th 
of September, 1874, passed another resolution, "that 
Judge Potter and the treasurer be a committee to 
set off from lands at Hunter's Point belonging to 
"Nott Trust fund," over to Union College, lands, to 
the amount of $250,000. 

tiguous lots, so that by sales and other arrangment subsequently 
made by what was called "The New York Committee," the leans 
so obtained have been paid off and settled ; the Nott Trust increas- 
ed in value ; the College not only saved harmless, but the wisdom, 
fidelity and loyalty of its board, and its appointed agents, entitled 
the board to the highest commendation. Being entirely familiar 
with this whole transaction, and being one of the active agents of 
the board in carrying out, settling and closing up the matter, I have 
somewhat extendet the statement of it in this history, because of an 
unacquaintance of the facts by other members of the board ; by 
misunderstandings, and by consequent misstatements in relation to 
it^it seemed'necessary for the information of newly elected mem- 
bers. 



m 



In accordance with the above resolution, the un- 
dersigned beg leave to report, that they visited 
Hunter's Point, Sept. 27, 1874, and after a careful 
examination of the lands belonging to "Nott Trust," 
did designate and set over to Union College, lots 
thirteen (13) to twenty-four (24), both inclusive, in 
Block No. two, [less the interest of Eev. J. T. 
Backus therein], and, an undivided one-third part 
of an undivided half part of Blocks thirty-seven (3.7), 
[excepting lots one, two, three, four, five and forty, 
then belonging to Union College], also, Blocks forty- 
two (42), forty -three (43), forty-four (44,) forty-five 
(45,) forty-six [46] and forty-seven [47], [excepting 
lots one and two, then belonging to Union College]. 

REMARKS. — To understand more fully, the condition of the 
matter to be managed by the board, it must be recollected, that 
when in i860 they accepted the "Hunter's Point Trust 5" the ^Nott 
Trust' 1 '' had been in existence seven years, but, its fund, (apart from 
its interest in the land on Long Island heavily incumbered, and of 
course useless for income), comprised only about $100,000 in mort- 
gages ; and this, included a claim of one Lowber, of $40,000 
thereon, and this, disputed and afterwards settled at a loss to this 
trust. In a few years however, the College's agents, acting under 
the Hunter's Point Trust, had so successfully managed the estate, 
that in a good degree, it promised to relieve the embarassements of 
the "Nott Trust,'''' and it enabled the board reasonably to anticipate 
such resources therefrom as were contemplated in the Trust Deed 
of Dr. Nott. In this confidence, and as the income increased, it 
wasHdeemed proper, and justified by the board from time to time (in 
degree), to establish the several professorships on the Nott Trust 
foundation. Subsequently however, when in consequence of fluctu- 
ating success in sales of the estate, and of the heavy expenses in 
improving the estate for market, and, of taxes imposed thereon, the 
income proved inadequate ; then there seemed to be left no alter- 
natives to the board, but to advance from the proper funds of the 
College, to supply the deficiencies in the means, to meet these sal- 
aries on the Nott Trust foundation, and to await the future, for re- 
imbursement to the College proper, therefore the proposed aid was 
given ; and it resulted in the anticipated success. As this policy^ 
was exercised, and the wisdom of the board in this regard happened 



27 



before the day that the writer hereof was a member of the board, 
he has no hesitation in saying, after the most careful cor.sideiatcn. 
that the action of the board in this regard, was influenced, rot cnlv 
by the exercise of the highest loyalty to the College, but of wisdom 
and sound judgment. 

This condition of things, can hardly be understood, without the 
possession of knowledge, that the trust of Dr. Nott. as contemp- 
lated, in his theory, (as well as by his estimation^ a certain jenib. 
v iz : that the value of the Nott Trust estate would be at least $5$$,- 
ooo, and the income at J%, $38,850. to be applied, as directed in his 
Deed. This value, and such a result, without extraneous aid. could 
never have been realized. This estate consisted then, in unimprov- 
ed City lots, which could only be made saleable and productive, by 
adding costly improvements, and was subject to agencies, salaries- 
and other expenses. 

The estate itself, without these additions as we have seen had little 
income ; and although, (somewhat unwisely) the agents of the 
College annually continued to report an estimated value of the es- 
tate to be equal to, and, sometimes above, the estimate in the trust 
deed, it was speculative only ; it really had no such pecuniary or 
saleable values ; and in years of depression, of no realizing practical 
value ; and in no inconsiderable portion of the time, yeilding no in- 
come comparable to the contemplated interest on !|'555-coo. 

After the time of making the last partition of said Trust es- 
tate in 1873, there had been a financial depression in the country, 
and depression in the sales of real estate generally : and especially, 
a depression on the sale of lots of "the Hunter's Point estate." so 
that income from that source to the College, at times, almost en- 
tirely ceased. 

This state of things continued not only, but for a time, taxes 
were added, and also heavy assessments imposed, to make improv- 
ements under new statute laws, and as well, by oppressive muni- 
cipal administration of the city. This increase of vexations in the 
labor, care and oversight of the estate by the finance committee, 
was duly reported to the board. 

The successful management however, of the Hunter's Point trust 
estate, down to the year 1874, as manifested in the sales of portions 
thereof, and in the partitions thereof made, as above mentioned, 
and of a large number of lots set apart to the "Nott Trust," seemed 
to have fully justified the policy adopted by the College board, of 
rendering aid to this latter trust; then, as stated in the above report, 
the Nott Trust had come into possession of a large estate in land, 
together with sundry bonds and mortgages. The expensive im~ 



28 



provements upon the lots, made by the $100,000 so borrowed on the 
mortgage thereupon, had been repaid by the sale of a portion of its 
land it had received on one of the partitions, while the increased 
value of the land so improved, and other lands adjoining, and near, 
conclusively justified the wisdom of the board in its policy, and of 
their skill, in the successful management of the trust. 



After the last of these partitions had been made 
in 1873, the finance committee became anxious to 
have an adjustment of the fund accounts between 
the " Corporation," or "College proper," and the 
"Nott Trust." This, it may well be supposed, pres- 
ented a most embarrassing condition of things. 
There was an unadjusted account of more than 
twenty years standing, between two separate trusts, 
administered and controlled by the same trustees, 
of the same corporation, viz : the "College endow- 
ment fund," and the "Nott Trust fund." This latter 
trust, to be practically and successfully executed, 
carried into effect and applied, had of necessity, to 
be in accordance with the theory and direction of 
the originator of the trust, and this to be executed 
also, by the same agency as the former. With its 
then appearent condition of prosperity, all that seem- 
ed to be wanting, was the application of its means to 
its proposed end. 

Then, in the opinion of the Finance Committee, 
the time had arrived, when the "Nott Trust" pos- 
sessed the means of re-imbursing to the College 
proper, the advances made by the latter, for the' be- 
nefit of the Nott Trust. When, in 1874, the above 
mentioned adjustment was determined upon ; and 
in order to carry out that object in such a manner 
as to escape all criticism, the Finance Committee at 
a meeting thereof, on the 6th of May, 1874, the 
Honorable William F. Allen, then a member of 
that committee, moved that some distinguished 



29 



counsellor be selected, and requested to give to the 
board his opinion, and to act as a kind of umpire, in 
laying down the true rule to be adopted in the ap- 
plication of the proper legal and equitable principles, 
in the adjustment of the accounts between these two 
trust funds. This motion was adopted ; and upon 
the suggestion of Judge Allen, the Hon. George 
F. Comstock was selected for that purpose. This, 
was accepted by Judge Comstock. He prepared an 
opinion, dated June 1st, 1874, in which he offered 
his conclusions relating to the proper adjustment, 
and the application of funds between the two trusts, 
These conclusions were entirely satisfactory to the 
finance committee, and to the board of trustees, as 
just and equitable, and the settlement thereof was 
made in accordance with the views of the legal and 
equitable rights expressed in that opinion. For 
the preparation of this opinion, a charge of $1,000 
was made. 

On account of being an alumnus of the College, 
one -half that sum was abated by the writer of that 
opinion. 

It is due to the history of embarrassments of the 
finance committee, to state, that in the original 
opinion so prepared by Judge Comstock for the fin- 
ance committee by their request, he volunteered to 
add a further opinion, upon a matter which he had 
not been requested by them to give. This extra 
opinion was based upon a state of assumed facts, 
erroneous in truth but which he did not of himself 
understand or know and as to the justness and pro- 
priety of which, the finance committee did not ac- 
C3pt or adopt. This volunteer expression of opinion, 
also in its terms, was made to cast severe reflections 
upon the wisdom, good faith and conduct of the 
board of trustees in the administration of their trust. 



30 



As a member then, of the finance committee, and, 
being then a successor in office, of those whose 
action, was, in that opinion, (as I believed), most 
unjustly criticised, I most earnestly protested, that 
such an opinion, so unjustly presenting the inaction, 
and so treating the motives of that distinguished body 
of men; whose devotion to the highest interests of the 
College was as I believed, unsurpassed ; whose wis- 
dom was so conspicuously manifest ; and whose mo- 
tives unquestioned, by all who had personal know- 
ledge of the reasons which induced their action, I 
thought they ought not thus to be permitted, nor the 
charge so made to be entered upon the records of 
the board. If the facts so assumed in that portion of 
the opinion had been communicated to Judge Com- 
stock, by any individual connected with the admin- 
istration of the College, they came to him from a 
most unreliable source. * 

I was then induced by the finance committee to 
write a dissenting opinion in that regard. 

A dissenting opinion was therefore prepared to 
that portion of Judge Comstock's opinion,, which 
the finance committee did not request, accept nor 
adopt. Both of these opinions were referred by the 
board to a committee, of which Judge Allen was 
chairman. This committee reported in favor of 
having an amendment made, by adopting the 
views in the dissenting opinion in this particu- 
lar. The original opinion was then re -written ; and 
as so amended, was accepted by the board in Janu- 
ary, 1876 ; and upon the motion of Mr. Tracey, it 
was "ordered, that the opinion of Judge Comstock, 

* This statement is due in justice to Judge Comsicck. His ex- 
alted character forbids a belief that his assumptions of facts were 
not received bv him in good faith as true, and also that as he sup- 
posed, upon reliable authority. 



31 



as now amended and approved by Judges Potter 
and Allen, be entered at length upon the minutes 
of the finance committee. 

After the adoption of the principles of legal and 
equitable rights, as laid down in Judge Comstock's 
opinion for the adjustment of equitable rights be- 
tween the two trusts ; the finance committee was 
directed to ascertain, determine and present, a prop- 
er statement of the amount due from the "Nott 
Trust fund," to the College proper ; and to cause a 
transfer thereupon, to be made in the books of the 
College accounts, giving credit to the College proper, 
for the amount found to be due that fund. 

The finance committee performed that duty, and 
reported that there was due from the "Nott Trust," 
to the ' 'College proper, " upon the principles adopted 
for that purpose, the sum of $293,000 ; or about that 
sum.'- The books of the treasurer, since examined, 
will show a more correct statement, and the specific 
application of the amount, so then reported to be 
due. 

Whereupon, on the 18th day of September, 1874, 
the finance committee passed the following re- 
solution : 

Resolved, that Judge Potter and the Treasurer be 
a committee to set off lands at Hunter's Point, be- 
longing to the "Nott Trust fund,' 1 over to Union 
College, to the amount of $250,000, in accordance 
with the resolution of the board of trustees, passed 
at the last meetings, June 16th, 1874. This special 

* This estimate, was understood at the time, to be taken from the 
Treasurer's Books, and upon his knowledge of the accounts. Sub- 
sequent examination, and the minute book of the finance committee 
[pp. 167, 173,] shows, that it was made upon a theory of the Pres- 
ident, and from an entry made in said book by order of the Pres- 
dent, which entry was erroneous ; and it was not the act of the 
finance committee. 



32 



committee performed the duty assigned to them, by 
the selection of lands as directed ; and duly made 
report of their action thereon, which report, was 
accepted, and ratified by the finance committee and 
also by the board. 

The designation of the lots and blocks so set over 
to the College, will appear upon the books of the 
college. A full designation, here, is therefore un- 
necessary. 

On the 24th day of June, 1874, at the meeting of 
the board ; on motion of the Hon. Clarkson N. 
Potter, the action of the finance committee, in as- 
certaining and determining the amount of true in- 
debtedness from the "Nott Trust" funds, to the 
funds of "the College proper ;" and for the transfer 
thereupon made, of $250,000, on this account, was 
approved, subject however, to any corrections by 
reason of any errors, &c, to be discovered." This 
amount of $250,000, thus carried to the credit of the 
College by direction of the finance committee, was 
no addition to its means, as has been unjustly claim- 
ed. The sum actually due, being but the adjust- 
ment of an existing and unsettled right, which re- 
quired correct ascertainment and the proper entry 
thereof to be made in the College books, together 
with the cause and character of that credit. It was 
an act not of merit, but one of justice, performed 
by the finance committee, in a settlement between 
the "'Nott Trust" and "the College proper." 

This special committee appointed to make the 
partitions, and also to select and set over to Union 
College, for the benefit of its general fund, lands 

* It is thus seen, that the trustee, Mr. Clarkson N. Potter, 
was not at the time, satisfied, that even the amount of $250,000 was 
the true balance due on that account. Therefore the form of his 
resolution. 



33 



belonging to the Nott Trust fund, made report of 
action, in writing, that requested of the board, 
their report be filed and entered in the minutes and 
records of the board. This was done, the report 
accepted, and their action ratified and confirmed on 
the said 24th day of July, 1876 ; and at a meeting 
of the board that day, passed the following reso- 
lutions, to wit, 

''Resolved, that legal proceedings be instituted 
for the purpose of closing the Trust created under 
the act of Legislature, Chapter 385, of the laws of 
I860 ; settling tho accounts of the College, as trus- 
tees thereunder ; and distributing and partitioning 
the trust estate among the parties entitled thereto, 
by a partition or sale of the trust estate." 

On recommendation of the finance committee, the 
board on the same day adopted the following reso- 
lutions : ' 'that it be referred to the Hon. Platt Pot- 
ter, Hon. C. N. Potter, and Mr. S. B. Brownell, 
with power to carry the same into effect." 

This, it will be seen, was a special, or select com- 
mittee, appointed to perform the duty thus specified. 
By way of distinction, it has been sometimes called, 
"The New York Committee." From the time of 
the appointment of this committee, the history of 
the Hunter's Point Trust estate, is but the history, 
of a long, laborous, and vexatious legal controversy, 
at this present writing not yet closed ; but in its re- 
sults, will be but bringing the condition of the 
estate, into a condition that should be, within the 
knowledge of the latest elected member of the board, 
Thus the Trust is to be ended. 

REM ARKS.— It was the original design of the writer hereof, to 
make this a simple history of the Hunter's Point Trust estate, and 
incidentally of the Nott Trust also. It was intended as a volunteer 
act, of one having some experience, for the benefit of new members 



u 



coming into the board, who might desire in the briefest form, to ob- 
tain a knowledge, not only of the trusts, which they had by their 
acceptance of their office become responsible, in good conscience and 
in law to execute, but 1 have assumed, that it is the desire of every 
trustee to execute his duty intelligently, which requires not only a 
present knowledge of the trust itself, but as well, to know of the ob- 
stacles, the perplexities and the trials, which in the past, their pre- 
decessors encountered in protecting and defending these same trusts 
against attempted imposiiions and destruction. 1 have already 
shown, in some degree, the misfortune of a want of this knowledge, 
in the performance of duties by the board itself, as errors, com- 
mitted by the mistaken assumption of knowledge by other members. 



The trusts herein described, and the transactions of 
the board in regard to them are stated as nearly as 
may be, from the records, and from memory in the 
chronological order of their occurrence since the 
year I860. The special committee appointed to set 
over lands belonging to the "Nott Trust," to u the 
College proper," made their report in writing on the 
26th of July, 1876 ; which was ratified and confirm- 
ed by the board. 

This closes the history of the transaction of the 
College itself, in the management of the Hunter's 
Point Trust, down to the period of its submission to 
the committee appointed, to close the trust by 
action, The first step taken to this end by that com- 
mittee, was its selection of their counsel and attor- 
ney. The Hon. Clarkson N. Potter made a nomin- 
ation for that purpose, which was unanimously con- 
curred in by the other members. Various econom- 
ical reasons, added to the propriety of the selections. 
His residence was Schenectady. He was near the 
office of the College treasurer, who was also their 
secretary and keeper of the records and minutes of 
the board ; he was also near the office of the Chair- 
man of this committee, whose familarity with the 
trust transactions of the College, he having been a 



35 



member of the finance committee for years ; conld 
furnish to the counse] a knowledge of the trust, 
from the time of its creation ; his position however, 
demanded of the chairman of the committee, and, 
the Treasurer of the College, the performance of 
onerous labor, in furnishing the needed information, 
in order to prepare the bill ; and to aid the counsel, 
as to the form and sufficiency of the allegations and 
statements to be made therein in order to effect the 
desired object. The case was thus prepared. The 
court, thereupon, ordered a reference. All the 
parties consented to the appointment of the Hon. 
J. N. Whiting, of New York, as sole Eeferee ; who 
accepted the appointment. 

The places of hearing, were Schenectady and New 
York. The trial was long, vexatious and severe, 
and not the least so, by parties having merely nom- 
inal defences. The chairman of the committee in 
person, attended the trial on nearly every day, to aid 
the Counsel of the College. The accounting involv- 
ed accounts exceeding in amount $2,300,000. The 
case was then elaborately argued and submitted to 
the Eeferee. Before the making and submitting his 
report, it was discovered by accident, (a fact un- 
known before) that the referee was related to one of 
the beneficiaries, a defendant within nine degrees 
of relationship. This in law, nullified all that had 
been done in that trial. A new application to the 
Court for relief had to be made. The former refer- 
ence of course was set aside ; a new Eeferee had to 
be applied for. This, also like most other steps in 
the case, was contested, as to the person, and, as to 
the place of residence. The Court finally selected 
C. S. Lester, of Saratoga. The case was again 
tried before this Eeferee ; meeting on its trial the 
same spirit of opposition, vexation and delay, as 



36 



before. The case was finally closed ; a report made ; 
and various hearings were had, to settle the provi- 
sions of the report for a decree. 

The case was finally noticed for decree before the 
Supreme Court. Then came in the most extor- 
tionate claims for an allowance for costs, by the par- 
ties, who, without merit, had so long delayed the 
action, basing their claims for costs on the ground of 
time spent. These claims were resisted by the chair- 
man of the committee in person, before the court, 
and with partial success. A decree was made, con- 
firming the report of the Keferee. Three commis- 
sioners were appointed to make partition and sale, 
between the parties interested in the estate. The 
perfection of their judgement relieves Union College 
from further responsibility in the execution of the 
trust assumed. It relieves the chairman of that com- 
mitttee from further duty in behalf of the Tiustees. 
This judgement also, closes the history of the Hunt- 
er's Point Trust estate. The beneficiaries of the 
trust, by this judgement, are remitted to all their 
rights in the estate. The "Nott Trust" estate is re- 
mitted to the Finance committee of the College. 

This also contains a history of certain transactions 
in which the board and their counsel became engag- 
ed, while sustaining and defending the "Hunter's 
Point" and "Nott Trust" estates, and in the man- 
agement of the said estates in order to protect them 
from the embarrassments, perplexities and trials 
cast upon the said estates. 

Among the great embarrassments of the period, 
affecting the Nott Trust estate, originating before, 
and still existing in 1874 and afterwards, was that 
of two vexatious, and long contested actions at law 
and equity ; with one Eobert W. Lowber, in 
which his claims against "the Nott Trust," amount- 



37 



ed to about $200,000, the litigation of which, had 
been continued many years. It had been the mis- 
fortune of the College, to have lost by death, during 
the pendency of these actions, three of its most 
trusted counsel ; among the number, were the Hon. 
A. C. Paige, and Clark B. Cochrane, two of its 
trustees. One of the actions had once been tried be- 
fore a Eeferee, Ex- Judge Strong, after a long, tedious, 
vexatious, and expensive litigation. Before this 
referee made his report, he also, sickened and died ; 
thus loosing all progress theretofore made. The 
Hon. Noah Davis, (now Chief Justice in N. Y. 
Supreme Court, ) was then appointed the counsel of 
the College," to take charge of the said actions 5 
who while preparing the cases for trial, was elected 
a Judge of the Supreme Court, and thus became dis- 
qualified to act as counsel. Thereupon the Hon. 
Wm. F. Allen, was appointed such counsel, who, 
in like manner, while having charge, was elected 
a Judge of the Court of Appeals, and who, also, by 
such election, became disqualified to act as the coun- 
sel of the College. Thereupon the writer hereof, 
was appointed by the board, to act as such counsel. 
He accepted the appointment on condition, that he 
might have power to select his own counsel to assist 
him ; which being assented to, he choose the Hon. 
Clarkson N. Potter as such assistant, who consented 
to act, on condition that he would accept no pecuni- 
ary consideration for the service. The case 
that had been so tried, before the referee, was 
noticed by me, and again brought to trial before a 
Judge of the Supreme Court in New York. This 
trial with the usual delays, occupied about ten days. 
With the efficient aid of Mr. C. N. Potter, we suc- 

*Bv College herein is meant the Nott Trust, the suit being in the 
name of the College. 



38 



ceeded ill obtaining a decision in favor of the Col- 
lege. Lowber, then proposed still continuing the 
case by appeal. About this time, he (Lowber) be- 
came greatly embarrassed with debts. This, with 
the discouragement of failure in the one case, so 
tried, suggested to the College Counsel the wisdom 
of an attempt at negotiation for a settlementby com- 
promise ; and thus perhaps, to close a long continued 
and expensive litigation. A negotiation for that 
purpose commenced, and was conducted by the 
same counsel on the part of the College, who, in 
view of the long continued and expensive litigation 
of the past, and with that of a prospective future in 
continuance, they advised even the purchase of peace 
for the College, as true economy. The embarrassed 
condition of Lowber, was regarded as a favorable 
opportunity ; and though his whole claim was 
doubtless a fiction, and a fraud, the Counsel of the 
College offered to Lowber, in order to purchase 
peace and quiet ; to end all litigation, and all future 
vexation and expense ; the sum of $10,000. This 
offer he accepted. A full Eelease was executed by 
Lowber. Mr. C. N. Potter at the moment, ad- 
vanced him the money for the College, which it af- 
terward refunded.- This settlement was adopted 
and ratified by the Board. Thus ended this pretended 
claim against the "Nott Trust" estate in the two 
actions, of above $200,000. The past disbursements 
of the College in the expenses of this long litigation, 
is to be added to this $10,000, and is chargeable to 
this trust fund. Its correct ascertainment, is not 
legitimately in this history, and has not been sought 
for. It belongs to the Treasurer's department and 
has doubtless been accounted for. 

Another matter which was one of great interest to 
the Hunter's Point and Nott Trusts, about which, 



39 



not more than three members of the present board 
have personal knowledge, but with which the Treas- 
urer, and Mr. Anable, the College's Agent at Hunt- 
er's Point are very familiar, is as follows : The Col- 
lege agents under the trust had conveyed to the 
County of Queens, a large block of lands in ' 'Long 
Island City," as a site for the County Court House, 
at the strong solicitation of the board of Supervisors 
of that County. This block, was of the estimated 
value of from $50,000 to $60,000 ; and in considera- 
tion of the supposed advantage to the trust estate by 
reason of the location of the Court House, a very 
large abatement had been made in the price. Other 
ambitious villages in the county, had before that time^ 
been anxious to secure that same advantage ; and 
still more ambitious candidates for the legislature, 
were elected upon that issue, in the hope to secure 
another location for the County buildings. After the 
Court House had been erected, and partially com- 
pleted at Long Island City, a Senator, from Queens 
County, by the name of Cock, in 1874, introduced 
in the Senate a bill, which provided in its terms, for 
the sale of the new Court House edifice, and the 
block of ground upon which it had been built ; to 
pay the proceeds of the sale into the Treasury of 
Queens County, and with the proceeds thereof, to 
erect a Court House at his own favorite Village in 
said county. The bill had been rapidly advanced 
and ordered to a third reading, before a knowledge of 
its provisions became known to the College; when 
the writer hereof, was requested by the resident 
Trustees of the College, and by their agent at Long 
Island City, to give this bill his most earnest oppo- 
sition, which he did. At this point, a friend in the 
Senate was secured, who moved its reference back 
to the "Judiciary Committee,'' for further consid- 



40 



eration, and before whom a severe contest was had, 
not only with the same Senator in the same body, 
who claimed to be representing the true interests of 
his own county, but also with able counsel employ- 
ed to further the passage of the bill. This commit- 
tee of course, took time to consider. The session 
was near its close. The committee at a late day 
made a report, but disagreed ; and the body adjourn- 
ed before the bill was reached upon the orders. In 
the years 1875 and 1876, a new Senator, the Hon. 
John A. King, from the same county, represented 
that county, who also, had an ambitious Village, 
that desired to secure the Court House location. He 
introduced in each of those^ years, a bill of kindred 
provisions, viz : to sell at public auction the new 
Court House and grounds in Long Island City ; 
pay • the proceeds of the sale into the Treasury of 
Queens County ; and therewith to build another 
Court House at his favored locality. Senator King, 
introduced his bills at earlier stages of the session. 
He was a Senator of strong family, and personal 
influence, The Senate was politically in accord 
with him. He made the passage of the bill a mat- 
ter, not only personal to himself, but failed not 
to invoke also, the political sympathies of that body 
as well ; as also, that by legislative courtesy, the local 
representative was entitled to have accorded to him 
the direction in matters of local interests. To resist 
successfully such power, and such influences, de- 
manded first, the showing of the great injustice of 
the bill, upon its merits. This required the almost 
constant attendance, and the best energies of the 
writer hereof, and, of Mr. Anabls, the College's 
agent at Long Island City. These efforts were de- 
manded, in order to make the proper presentation 
of the proposed injustice. The contest upon these 



41 



bills in the Senate, in the years 1875 and 1876, were 
similar ; except, that in the year 1876, an array of 
the ablest Counsel in addition, were brought 
before the committee, to aid the Senator in securing 
the passage of the bill. It will suffice to say, that 
in each of these years, the passage of those bills 
were defeated. The Court House remains. It has 
been completed ; and Long Island City is made the 
county seat. 

Still another question, that in a great degree, affect- 
ed the interest of this Trust, was, to wit, that dur- 
ing what is known as the "Tweed legislature." A 
bill had been passed under which, the "Long Island 
Eail Road Company," had been authorized to close 
a street in Long Island City, called "Front street," 
which was in effect, giving that street to the Rail 
Road Company without any consideration. The 
agents of the "Hunter's Point Trust," were able in 
that year, by representatives in the Assembly and 
in the years 1875 and 1876, to introduce, and favor 
the passage of a bill, to open this street. This, was 
a most important measure for the interest of the 
Trust estate. The bill in 1875, failed for want of 
time. In 1876, it was again introduced ; and with 
great struggle, the bill was passed. The writer 
hereof was by request of the "Resident trustees, 11 
and of the General agent of the Trusts at Long 
Island City, employed to secure its passage. He ap- 
peared before the Assembly committees, advocated 
and urged its passage. It passed. 

The passage of this bill, was most strenuously 
resisted by the Long Island Rail Road Company, 
and by able counsel employed by it to resist. 

The bill however was passed, and the street 
was opened under the provisions of the act. 

Justice and right prevailed. 



42 



REMARKS. — This history, though seemingly extended, would be 
incomplete, had it failed to set forth a few of the embarrassments, 
perplexities and trials which beset these trustees, the predecessors of 
the present board, in protecting this estate in the way of executing 
their trust. The labors of the finance committee, are ordinarily 
onerous. When in addition to these labors, there was added that 
of the charge of managing this action to close the trust ; they may 
be characterized as extraordinary. They cannot be even briefly de- 
scribed, without seeming to partake of personality, and of occupy- 
ing too much of time and space. 



PERSONAL. 

The writer of this history, a member of 
both those committees, feels it as not savor- 
ing too much of boasting or of egotism, to 
challenge an example in the history of the 
exercise of duties for Union College ; per- 
formed without pecuniary consideration, 
but voluntarily ; equalled in the amount of 
its cares ; and in its labors ; in its burthens ; 
in time spent ; in forbearance of the vexa- 
tions occuring in this case, and in others, 
during the 14 years in which he has been a 
member of the board of trustees. 

June, 1882. 

PLATT POTTER. 



A FEW VERBAL AS ALSO SOME GRAMMATICAL ,, 
INACURACIES WHICH ESCAPED THE ATTENTION |< 
OF THE PROOF READER, WILL BE EASILY COR- 
RECTED BY THE READER. 



